Bill Text: MI HB5339 | 2019-2020 | 100th Legislature | Enrolled
Bill Title: State financing and management: escheats; access to certain unclaimed property account information and distribution of certain unclaimed property to locators; modify. Amends sec. 36a of 1995 PA 29 (MCL 567.256a).
Spectrum: Slight Partisan Bill (Republican 2-1)
Status: (Vetoed) 2020-11-05 - Re-referred To Committee On Ways And Means [HB5339 Detail]
Download: Michigan-2019-HB5339-Enrolled.html
state of michigan
100th Legislature
Regular session of 2020
Introduced by Reps. Webber, Byrd and Brann
ENROLLED HOUSE BILL No. 5339
AN ACT to amend 1995 PA 29, entitled “An act concerning unclaimed property; to provide for the reporting and disposition of unclaimed property; to make uniform the law concerning unclaimed property; to prescribe the powers and duties of certain state agencies and officials; to prescribe penalties and provide remedies; and to repeal acts and parts of acts,” by amending section 36a (MCL 567.256a), as added by 2016 PA 312.
The People of the State of Michigan enact:
Sec. 36a. (1) Upon
written request, the administrator shall sell or otherwise provide
all unclaimed property account
information to a locator for all unclaimed accounts that
remain unclaimed for not less than 12 months
after the date payment or delivery is made under
section 20. The administrator
shall not charge more than $250.00 for each request.
The administrator shall provide the unclaimed
property account information in a searchable electronic or digital format. The
unclaimed property account information must include all of the following:
(a) The name of the
apparent owner or apparent owners.
(b) The complete last known address of the apparent owner or
apparent owners, as reported by the holder.
(c) The relationship
code, if any.
(d) The type of property.
(e) The cash value of the
property.
(f) The year the property was reported to the administrator.
(g) The name and contact information of the holder that is on file with the administrator.
(2) Before the administrator
provides information to a locator under
subsection (1), the locator shall register with the administrator in a form and manner determined by the administrator and pay a
fee to the administrator of $1,200.00.
The fees collected under this subsection shall be used by the administrator
to register and monitor locators under this act.
The locator shall renew its registration and pay a fee of $1,200.00 every 4
years. To register, a locator shall provide the administrator a primary business address and telephone number, and
the name, telephone number, and electronic mail address of the individual who
will be the primary point of contact with the administrator. A locator is ineligible for registration if, within
the immediately preceding 10 years, the individual, a current officer or owner
of an entity, or a current employee of the individual or entity who performs or
directs locator services was convicted of a felony involving dishonesty,
deceit, fraud, or a breach of fiduciary duty.
(3) A locator who
receives unclaimed property account information from
the administrator under subsection (1) shall not distribute that
information to other locators or any other person, other than the owner, for
compensation.
(4) If an owner has entered into a written agreement that authorizes a locator registered with the administrator under this act, to assist the owner in claiming the property, the administrator shall make payment to the owner unless, if requested by the owner, the administrator shall mail payment to the locator’s address.
Clerk of the House of Representatives
Secretary of the Senate
Approved___________________________________________
____________________________________________________
Governor
